Gilts are trading lower across the.....>

GILT SUMMARY: Gilts are trading lower across the board albeit in light trade

with lack of UK or European data seen to direct markets, however, rumours of

possible solution to US and China trade dispute have aided risk-on moves. 

- 2-yr Gilt yield is +1.6bp at 0.907%, 5-yr +1.7bp at 1.214%, 10-yr +2.2bp at

1.466%, 30-yr +1.7bp at 1.772% and 50-yr +1.8bp at 1.553% according to Tradeweb.

- There has been a dearth of UK data today, however brexit is never far from

traders minds, with Reuters reporting Irish duty PM saying that have until June

to agree backstop to Irish boarder issue, if not, then likely to raise questions

if a withdrawal deal can be achieved at all.

- Ex-PM Blair is expected to call (once again) for a second referendum on any EU

deal that is struck, while Labour shadow Brexit minister Starmer is also

expected to say that his party will table amendments to the EU withdrawal bill

aimed at stopping the UK from exiting the EU without a deal. PM May is also due

to give a statement to the House of Commons on the EU Summit.

- Traders also keeping eye on 3-mth GBP Libor fixing which continues to rise.

2-yr swap spread is 1.7bp tighter & breakevens 0.8bp tighter across the board